Slides
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INTERIM REPORT JANUARY–SEPTEMBER 2026 Fortum Corporation 28 October 2026
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President and CEO MARKUS RAURAMO
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• Achieved power price of 45.5 €/MWh (46.1 €/MWh) – Higher realised blended market price 46.0 €/MWh (36.7 €/MWh) – High hedge ratio • Generation volumes affected – Nuclear fewer outage days, higher output – Hydro conditions and volume allocation, lower output • Robust financial position • Strategy implementation proceeding – 22-year PPA and MoU with Google – Acquisition of Norwegian Elmera Group ASA 3 Highlights Q3 2026
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4 Nuclear Power Purchase Agreement signed – Fortum and Google partner to drive sustainable growth for Finland Partnership area Description Power Purchase Agreement Memorandum of Understanding Nuclear-based PPA The 22-year nuclear PPA covers up to 50% of Loviisa NPP* LTE. The contract anchors the commercial relationship, provides the economic certainty. The PPA supports Fortum’s profitability targets and is expected to increase the Group comparable RONA by appr. 1.4 ppt over time when 50% of the plant’s capacity is contracted. Site development Parties to explore the suitability of Fortum’s powered land sites for Google’s future data centre needs. Asset development Parties to explore new renewables, BESS and other flexibility solutions, such as batteries and pumped hydro, to enable sustainable future growth for Google. New-build nuclear Parties to explore new nuclear build cooperation. Energy portfolio management Parties to explore models for Fortum to become a strategic partner managing Google’s energy portfolio in Finland. *Loviisa NPP capacity 2 x 507 MW, plant uprates: decided 38 MW and potential future 10 MW NPP=nuclear power plant, LTE=life-time extension, BESS = battery energy storage system
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5 Fortum majority owner of Elmera – strong strategic rationale, customers benefit from scale and efficiency Combination of two complementary businesses Fit for the future Value creation for shareholders & stakeholders Structural change in the Nordic consumer market Customer benefits from cost and operational synergies Compelling value proposition for both companies’ shareholders Competitive pricing and reliable services supported by scale and efficiency Market remains fragmented, scale needed to fulfill customer expectations
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97 102 911Q2 2025Q2 2026 0.08 0.08 Q3 2025 Q3 2026 131 Q3 2025 Q3 2026 134 Comp. OP Comp. EPS OCF Key financial indicators 6 Higher generation volumes Leverage 1.4x 2.5x Maximum level LTM 674 729 I-III 2025 I-III 2026 0.59 0.61 I-III 2025 I-III 2026 787 813 I-III 2025 I-III 2026 Comp. OP Comp. EPS OCF Comparable operating profit increased due to higher result in Generation segment Cash flow increased mainly due to comparable EBITDA increase Net debt-to-Comparable EBITDA at 1.4x, net debt of EUR 1,811 million Q3 2025 Q3 2026
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7 The Nordic reservoir balance decreased further during the quarter – low inflows and dry conditions in July Source: Nord Pool, Nasdaq Commodities Hydro reservoirs Power price 0 50 100 150 200 250 Nordic sys Nordic sys futures 0 20 40 60 80 100 120 TWh Finland Sweden Norway AVG 2000-2018 2003 2020 2025 2026 0 20 40 60 80 100 120 TWh Finland Sweden Norway AVG 2000-2018 2003 2020 2025 2026 EUR/MWh Q1 Q2 Q3 Q4 Reservoir content (TWh) Finland Sweden Norway 0 20 40 60 80 100 120 2003 2020 Average20262025 0 100 150 200 250 50 Futures 22 October 2026 Realised daily system price Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2026 2027
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CFO TIINA TUOMELA
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9 Key figures • Comparable operating profit at EUR 979 million • Comparable net profit of EUR 751 million • Net cash from operating activities of EUR 866 million • Net debt-to-Comparable EBITDA ratio at 1.4x LTM MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 1,114 929 4,229 3,545 4,989 5,673 Comparable EBITDA 182 175 967 903 1,240 1,303 Comparable operating profit 102 97 729 674 924 979 Comparable net profit 65 70 544 531 739 751 Comparable EPS 0.08 0.08 0.61 0.59 0.82 0.84 Net cash from operating activities 134 131 813 787 840 866 Net debt / Comp. EBITDA 1.5 1.4
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10 Slightly improved result Comparable operating profit (EUR million) Q3 2026 Generation Comparable operating profit increased by EUR 29 million, impacted mainly by the higher nuclear volume, partly offset by lower physical value creation. The result of the district heating business decreased somewhat, impacted mainly by reduced availability related to ongoing decarbonisation projects and lower power prices in Poland, partly offset by higher volumes in the Nordics. Consumer Solutions Comparable operating profit decreased by EUR 9 million, mostly due to lower sales margins compared to the extraordinarily strong margins in the comparison period. Other Operations Comparable operating profit decreased by EUR 15 million, mainly due to higher fixed costs, including certain one-off items. The result of the Circular Solutions businesses was slightly lower compared to the comparison period.
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11 Higher hydro and nuclear volumes Comparable operating profit (EUR million) I-III 2026 Generation Comparable operating profit increased by EUR 86 million, impacted mainly by higher spot prices as well as higher nuclear and hydro volumes, partly offset by a high hedge ratio. The result of the district heating business increased, impacted mainly by higher volumes, higher sales prices of power and new electricity-based production assets, partly offset by higher fuel costs and reduced availability in Poland. Consumer Solutions Comparable operating profit decreased by EUR 16 million, mainly due to lower sales margins compared to the strong sales margins in the comparison period and higher fixed costs. Other Operations Comparable operating profit decreased by EUR 16 million. The result of the Circular Solutions businesses was slightly higher compared to the comparison period.
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12 Low leverage and strong liquidity Net debt Solid credit metrics 'BBB+' long-term issuer credit rating, Stable outlook ‘BBB+' long-term issuer credit rating, Stable outlook Fortum’s objective: Maintain solid investment grade rating of at least BBB to preserve financial strength, flexibility and good access to capital. As per 30 September 2026: Total loans of EUR 4.0 bn excl. leases • Average interest rate of 3.4% for Fortum Group loan portfolio incl. derivatives hedging financial net Liquidity reserves of EUR 6.7 bn • Liquid funds of EUR 2.3 bn with average interest rate of 2.5% • Undrawn committed credit facilities of EUR 4.4 bn 0 500 1 000 1 500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ Loan maturities as per 30 September 2026
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13 Outlook Generation’s Nordic outright (changed): Hedges: For the rest of 2026: 80% hedged at 43 €/MWh (previously reported: N/A) For 2027: 70% hedged at 42 €/MWh (previously reported: 65% at 41 €/MWh) For 2028: 45% hedged at 42 €/MWh (previously reported: N/A) Annual optimisation premium*: For 2026: 8–10 €/MWh From 2027 onwards: 6–8 €/MWh Volumes: Nuclear volume in 2026: appr. 23 TWh (previously 23-23.5 TWh) Tax guidance for 2026 (unchanged): Comparable effective income tax rate estimated to be 18–20%. Capital expenditure guidance (unchanged): For 2026–2030: Capital expenditure, excl. potential acquisitions, of € 2.0 bn • maintenance of € 250 mn per year • total growth of € 750 mn For 2026: Committed capital expenditure, excl. potential acquisitions, is expected to be approximately € 550 mn. Depending on general market development and investment environment, new investment decisions can be made. * Depending on market conditions
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Q&A
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APPENDIX
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16 Income statement • Share of profits/loss of associates include nuclear-related items in Sweden and Finland • Comparable ‘Finance costs – net’, reported number affected by nuclear related items • Comparable effective income tax rate of 20.5% (18.8%) in I-III/2026 MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 1,114 929 4,229 3,545 4,989 5,673 Other Income 8 4 20 16 24 28 Materials and services -722 -553 -2,636 -2,043 -2,901 -3,494 Fixed costs -218 -207 -646 -615 -873 -904 Depreciationsand amortisation -80 -78 -239 -230 -315 -324 Comparable operating profit 102 97 729 674 924 979 Items affecting comparability -30 -36 -30 -40 15 25 Operating profit 72 60 699 634 939 1,004 Share of profits/loss of associates and joint ventures -20 9 24 45 56 34 Financecosts - net -7 -11 -27 -44 -59 -42 Profit before income tax 45 58 696 636 936 996 Income tax expense -17 -7 -135 -117 -173 -191 Net profit 28 51 561 519 763 805 Attr. to owners of parent 31 52 561 520 765 807 Attr. to non-controlling interest -3 -1 0 -1 -2 -1
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17 Low Norwegian hydro reservoirs and a strong Continental price signal supported Nordic power prices • Nordic spot prices increased during the third quarter, mainly due to the reservoir deficit deepening on the back of low inflows. A key contributor was also the very strong Continental spot price signal, driven by surging European gas prices. On top of that, Nordic nuclear availability was lower. • Commodity markets remained elevated and volatile in the third quarter. Gas prices increased sharply in July–August but declined somewhat towards the end of the quarter on renewed hopes on Strait of Hormuz deal and ease on global supply. Coal saw a sharp rally through August until September along with oil prices. CO₂ prices continued a gradual climb after the EU Commission released its policy reform proposal keeping the 2040 climate target on track. Source: NordPool, Refinitiv Daily market prices 22 October 2026; 2026 and 2027 future quotations Nordic power price = System price
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18 GENERATION: Higher volume and lower achieved power price Q3 2026 vs. Q3 2025 Comparable operating profit up by 32% at EUR 121 million mainly thanks to the higher nuclear volume, partly offset by lower physical value creation. The result of the district heating business decreased somewhat, impacted mainly by reduced availability related to ongoing decarbonisation projects and lower power prices in Poland, partly offset by higher volumes in the Nordics. 4.0 5.6 0.2 4.2 4.6 0.2 Hydro Nuclear Wind III/2026 III/2025 Power generation volumes, TWh MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 615 590 2,614 2,327 3,245 3,533 Comparable EBITDA 175 142 894 798 1,098 1,194 Comparable operating profit 121 92 734 648 893 979 Comparable net assets 7,848 7,833 8,135 Comparable RONA, % 11.8 12.4 Gross investments 120 88 312 316 501 497 I-III 2026 vs. I-III 2025 Comparable operating profit up by 13% at EUR 734 million mainly thanks to higher spot prices as well as larger nuclear and hydro volumes, partly offset by a high hedge ratio. The result of the district heating business increased, impacted mainly by higher volumes, higher sales prices of power and new electricity-based production assets, partly offset by higher fuel costs and reduced availability in Poland. 14.3 16.9 0.6 13.2 16.0 0.7 Hydro Nuclear Wind I-III/2026 I-III/2025
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19 CONSUMER SOLUTIONS: Slight decrease in results Q3 2026 vs. Q3 2025 Comparable operating profit decreased by EUR 9 million to EUR 14 million mostly due to lower sales margins compared to the extraordinarily strong margins in the comparison period. Number of customers (‘000) 2 3602 300 Sep 2025Sep 2026 I-III 2026 vs. I-III 2025 Comparable operating profit decreased by EUR 16 million to EUR 80 million mainly due to lower sales margins compared to the strong sales margins in the comparison period and higher fixed costs. MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 745 573 2,833 2,146 3,029 3,716 Comparable EBITDA 36 46 146 161 213 198 Comparable operating profit 14 23 80 96 122 106 Comparable net assets 843 594 718 Comparable RONA, % 18.3 14.1 Gross investments 18 15 48 63 78 63
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20 OTHER OPERATIONS: Results decreased due to higher fixed costs Q3 2026 vs. Q3 2025 Comparable operating profit decreased by EUR 15 million to EUR -33 million mainly due to higher fixed costs, including certain one-off items. The result of the Circular Solutions businesses was slightly lower than in the comparison period. I-III 2026 vs. I-III 2025 Comparable operating profit decreased by EUR 16 million to EUR -86 million The result of the Circular Solutions businesses was slightly higher than in the comparison period. MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 45 45 133 138 187 183 Comparable EBITDA -29 -13 -73 -55 -71 -89 Comparable operating profit -33 -18 -86 -70 -91 -106 Gross investments 12 10 22 25 39 36